中国白酒追踪- 旺季过后批发价格波动符合预期；i 茅台发布用户画像数据；重申贵州茅台买入评级-China Spirits Tracker_ Wholesale price volatility post peak season as expected; i-Moutai releasing user profile data; Reiterate Buy on Moutai

Feitian Moutai wholesale price pulled back recently as expected after a peak level during LNY holiday season to Rmb1,570/Rmb1,545 per bottle as of Mar 10th, while we still see the wholesale price stabilizing at c.Rmb1,550-Rmb1,600 with continued product release on i-Moutai which becomes a major choice of consumer purchase. We reiterate our full-year positive view on Moutai/Wuliangye and believe that they will recover ahead of the broader spirits down-cycle as compelling market share gainers leveraging their ...